Africa Islamic Economic Foundation (AFRIEF) is very pleased to announce a new partnership with Saylor Academy, to provide flexible, affordable learning opportunities for AFRIIEF’s communities and those interested in joining its programs. As part of AFRIIEF’s mission to support human capital development across the African continent, learners will be able to earn certificates in key career skills (such as Decision-Making, Leadership, technology entrepreneurship and others) from Saylor Academy’s catalog of free courses.

AFRIIEF and Saylor Academy both recognize that learners, such as those served by AFRIIEF’s programs, lead increasingly busy and complex lives. They require flexible education options to balance skill development with work and family demands. This partnership allows students to develop skills that are in-demand now for free, and will help them become even more competitive once they enter the marketplace.

“This collaboration marks an exciting chapter for the Africa Islamic Economic Foundation (AFRIEF) as it will leverage on Saylor Academy’s rich experience, Global network and strength to propel Africa’s rapid economic and social development” states Baba Yunus Muhammad, President of AFRIEF. “We believe that the two organizations have complementary capabilities and we are very excited at the opportunity of combining these to create strong synergies in both career and talent development that will not only facilitate, but hasten our movement towards our goal of increased economic and career opportunities for Africans everywhere.”

“The partnership between AFRIEF and Saylor Academy provides access to affordable and flexible learning opportunities to support skill development across the African continent,” says Jeff Davidson, Executive Director of Saylor Academy. “AFRIEF’s human capital development efforts align well with Saylor’s mission of providing access to learners everywhere.” Read more>>

By Baba Yunus Muhammad

Islamic finance today has become a global growth phenomenon that no region or country can afford to ignore. According to the State of the Global Islamic Economy Report 2020/21, an annual industry report produced by Thomson Reuters, the global market for Islamic financial services, as measured by Shariah compliant assets, is estimated to have reached US$2.88 trillion, and projected to reach US$3.69 trillion by 2024. Islamic commercial banks account for the bulk of the assets with investment banks, Sukuk issuances, funds and insurance making up the balance. With over 500,000 Islamic financial institutions operating around the world, Islamic finance is set to become a major global player in the world of finance. The factors that drive the growth of Islamic finance range from increased petrodollar investments from the Gulf, growth in Muslim population and the ethical character and financial stability of Islamic financial products.

Currently, the Middle East and South East Asia and some few African countries, are the primary locations for Islamic capital. In particular, Malaysia, Iran and the majority of countries from the Gulf Co-operation Council (GCC) such as Kuwait, Bahrain and Qatar are seen as the main centers of Islamic finance, with significant activity also taking place in the UK and more recently in countries such as Turkey, Sudan, Nigeria, Egypt, South Africa, Kenya, Senegal, Jordan and Syria and some Asian countries such as Indonesia, Hong Kong, Singapore, Bangladesh, Pakistan and China.

Islamic finance in Ghana

However, amidst all the talk of bubbling Islamic finance hubs globally, there remains much to be achieved on purely a domestic basis in certain key countries. Ghana is a clear example. With the exception of Nigeria, there is probably, no country in Africa that offers greater potential for the growth of Islamic finance than Ghana! Read more>>

Islamic finance is a financial system that is based on principles of Shariah or Islamic law. It is a rapidly growing industry that is estimated to be worth over $3 trillion globally.

The Islamic finance industry is important in Japan for several reasons. First, Japan has a large and growing Muslim population, which creates a demand for Shariah-compliant financial products and services. Additionally, the Japanese government has recognized the potential for Islamic finance to tap into new markets and has taken steps to promote the growth of the industry in the country. Finally, the Islamic finance industry offers an alternative to traditional financial products and has the potential to attract a wider range of investors.

History of the Islamic Finance Industry in Japan

The Islamic finance industry in Japan has a relatively short history. Early efforts to promote the industry can be traced back to the 1980s when the Japanese government began to explore the possibility of issuing Sukuk (Islamic bonds). However, these efforts did not gain much traction at the time and it was not until the 21st century that the Islamic finance industry in Japan began to take off.

There is a camel in Hanifa Deen’s kitchen. He looks down at her as she cooks, eyes proud yet warm, delicately flared snout-smelling dinner. While the creature is merely an image on a poster, Deen, who has written several books on Islam in Australia, regards him affectionately. “It looks like such a regal creature, such a haughty creature,” she says. That’s why you’ll only find camels decorating the walls of Deen’s kitchen, rather than filling a pot on her stove. “I admit, I can’t bring myself to eat a camel burger,” she says.

For many, disinterest in eating camel may sound natural. But around the world, particularly in the Middle East, North Africa, and their diasporas, camel meat is dinner. In parts of Morocco, it’s stewed into fragrant tagines on special occasions. In Cairo, diners will pay a premium for the animal’s delicate fat. In Somali neighborhoods of the American Midwest, camel burgers offer immigrant communities, and curious neighbors, a fusion-inspired taste of home.

In contrast, most Australians, who are predominantly European in origin, come from cuisines unused to camel meat. Yet for a large lobby of Australian environmentalists, animal rights activists, and entrepreneurs—not to mention foodies—getting more camel into the Australian diet is not only a gustatory goal: It’s a solution to a major environmental problem.

That’s because Australia is home to the largest feral camel population in the world, with an estimated 300,000 to one million animals. The camels aren’t native to Australia: They were imported in the 19th century to explore the vast deserts of the country’s interior. Left to roam after the advent of motorcars, the population now poses a threat to both delicate ecosystems and local water supplies. In an attempt to address this environmental damage, the Australian government has sponsored aerial camel culls, in which feral camels are shot down by helicopter, their flesh left to rot in the sand. This outrages animal rights activists and many have suggested another way. Why not use feral camels for meat? In Australian neighborhoods home to recent Middle Eastern and African immigrants, after all, halal butcher shops already carry camel meat taken from the Outback, and the Australian camel-meat export industry is growing modestly. READ MORE

By Kent Mensah

Doris Oduro sits at her small, almost-empty store in Odorkor, a suburb of Ghana’s capital, Accra. The single mother of two feels frustrated. After 15 years in business, she is now considering closing because she cannot restock her shop due to the high cost of living. “I am running at a big loss,” Oduro, 38, told Al Jazeera. She sells imported items, including juices, biscuits, soft drinks, toiletries and sweets, but Ghana’s economic crisis is taking a huge toll on her business. “Prices of goods keep soaring, and it is affecting my principal capital,” she said. “I want to close my store and find something else to do. Things are tough for me because I can’t sustain the business and I have a family to keep.”

Ghana, a country once described as Africa’s shining star by the World Bank, had the world’s fastest-growing economy in 2019 after it doubled its economic growth. But today, it is no longer the economic poster boy of West Africa. Despite being a major cocoa and gold exporter, it is currently battling its worst financial crisis in decades with inflation hovering at a record 50.3 percent, the highest in 21 years.

Ghana’s economic successes were in the limelight when the new government of President Nana Akufo-Addo took power in January 2017 and brought down inflation significantly. Under the previous government in 2016, it was 15.4 percent, and it fell to 7.9 percent by the end of 2019 and remained in single digits until the pandemic hit in March 2020.

Ghana’s budget deficit, which was about 6.5 percent of the nation’s gross domestic product before Akufo-Addo’s government came to power, was brought down to under 5 percent of GDP by the end of 2019. “The growth that we experienced around 2017 to 2019 was actually coming from the oil sector,” Daniel Anim Amarteye, an economist with the Accra-based Policy Initiative for Economic Development, told Al Jazeera. “We were so excited that the economy was growing, but we couldn’t devise strategies to ensure that the growth reflects in the other sectors of the economy,” he said. “For instance, we neglected the agriculture sector, and we couldn’t do any meaningful value-added investment in that sector. The government became complacent.” READ MORE